15.05.202601:20:37UTC+00Australia Stocks Extend Strength, Weekly Drop Still Looms

Australian shares rose 32 points, or 0.4%, to 8,673 in Friday’s morning session, extending gains into a second day after Wall Street notched fresh record highs overnight. Optimism surrounding the US–China summit in Beijing helped temper lingering concerns over the Middle East conflict, while bargain hunters continued to step in after the recent pullback that pushed the ASX 200 to a five-week low.

Gains were broad-based, with particular strength in electronic technology, industrial services, and logistics. The big four banks climbed between 0.5% and 3.2%, while Computershare added 2.8%, QBE Insurance gained 2.1%, and Woolworths advanced 1.2%.

Despite the rebound, the ASX 200 remains on track to end the week lower, currently down about 0.8%, as persistent domestic inflation concerns continue to weigh on sentiment. Analysts said the 2026/27 federal budget did little to shift expectations for the Reserve Bank’s near-term policy path, leaving investors cautious.